# NITTO SEIMO CO., LTD.: business model and financials

> Latest period: FY ending Apr 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第125期(2025/05/01－2026/04/30) (S100YQZ2)
> Page: https://vizora.meequs.com/en/company/nitto-seimo
> Retrieved: 2026-09-30T19:42:01.019Z

## Company

Nitto Seimo, founded in 1948, is a company in Textiles & Fibers listed on TSE Standard. It has 953 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NITTO SEIMO CO., LTD. |
| Ticker | 3524 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3524.T) |
| Listing | TSE Standard |
| Head office | 東京都港区新橋二丁目20番15-701号 |
| Representative (per filing) | 取締役社長 小林宏明 |
| Founded | Nov 1948 |
| Share capital | ¥1.38B |
| Employees (consolidated) | 953 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | April |
| Website | www.nittoseimo.co.jp (https://www.nittoseimo.co.jp/) |
| Corporate number | 3010401022044 |
| EDINET | E00578 |
| Industries (Vizora) | Textiles & Fibers |

> Profile source: annual securities report (S100YQZ2, filed 2026-07-23). As of filing

## Five-axis industry profile

Primary industry: Textiles & Fibers (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 39.3 | 14 |
| Profitability | 40.6 | 16 |
| Cash conversion | 12.5 | 12 |
| Efficiency | 59.4 | 16 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 80% of Nitto Seimo's sales come from Fishery related, with On-land related and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +2.3% from the prior year, operating profit -18.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥22.1B |  |
| Operating income | ¥554.1M | Margin 2.5% |
| Net income | ¥680.2M | Margin 3.1% |
| Free cash flow | -¥1.35B |  |
| Largest business | Fishery related | of segment revenue 80.5% |
| Employees (consolidated) | 953 |  |
| EPS | ¥177.45 |  |
| Book value per share | ¥2335.74 |  |
| Equity ratio | 25.3% |  |
| Shares outstanding | 2,605,000 |  |
| Treasury shares | 11,800 |  |
| Shareholders | 3,502 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 3.2% | Cash ÷ revenue 4.7% |
| Vs. industry median margin | -0.9 pp | Textiles & Fibers |
| ROE | 9.1% | Derived from disclosed figures |
| ROA | 2.2% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 24 points
- FY2026, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Apr 2021 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17680463000 | ¥22104089000 | +25.0% |
| Operating income | ¥772613000 | ¥554055000 | -28.3% |
| Operating margin | 4.4% | 2.5% | -1.9 pp |
| Employees | 918 people | 953 people | +3.8% |
| Cash and equivalents | ¥635633000 | ¥1031674000 | +62.3% |

### Change in segment revenue mix

Span: FY ending Apr 2021 → FY ending Apr 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 漁業関連事業 → 漁業関連事業 | 79.3% |
| 陸上関連事業 → 陸上関連事業 | 19.5% |
| 陸上関連事業 → 事業再編・廃止 | 1.1% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 漁業関連事業 | 1.1% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Fishery related | 5 years | +4.9% | ¥17785814000 | 1.8% | 2 |
| On-land related | 5 years | +3.4% | ¥4315806000 | 5.6% | 2 |
| Other | 5 years | -28.6% | ¥2468000 | -12.3% | 2 |

## Income statement（FY ending Apr 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 22,104 | 100.0% | S100YQZ2 |
| Cost of revenue | 18,042 | 81.6% | S100YQZ2 |
| Gross profit | 4,063 | 18.4% | S100YQZ2 |
| SG&A | 3,508 | 15.9% | S100YQZ2 |
| Operating income | 554 | 2.5% | S100YQZ2 |
| Ordinary income | 963 | 4.4% | S100YQZ2 |
| Pretax income | 963 | 4.4% | S100YQZ2 |
| Income tax | 280 | 1.3% | S100YQZ2 |
| Net income | 684 | 3.1% | S100YQZ2 |
| Net income attributable to owners | 680 | 3.1% | S100YQZ2 |

## Per ¥100 of revenue（FY ending Apr 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 16 |
| Operating income | 2 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 18.4% → Operating margin 2.5% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.3%; Core profit growth: -18.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -7.94×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Apr 2025 → FY ending Apr 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 21,600 | 22,104 | 504 | +2.3% |
| Gross profit | 4,167 | 4,063 | -104 | -2.5% |
| Operating income | 680 | 554 | -126 | -18.5% |
| Net income attributable to owners | 535 | 680 | 145 | +27.2% |
| Operating cash flow | 993 | -97 | -1,090 | -109.7% |
| Free cash flow | 368 | -1,350 | -1,718 | -466.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2020 | 18,348 | 749 | 4.1% | 282 | -110 | -522 | S100M1PE |
| FY ending Apr 2021 | 17,680 | 773 | 4.4% | 420 | 1,196 | -1,748 | S100ORLM |
| FY ending Apr 2022 | 18,373 | 370 | 2.0% | 190 | 989 | -2,775 | S100RG7I |
| FY ending Apr 2023 | 19,300 | 276 | 1.4% | 51 | 1,089 | -532 | S100U3M8 |
| FY ending Apr 2024 | 20,900 | 431 | 2.1% | 547 | 140 | -735 | S100WC9Z |
| FY ending Apr 2025 | 21,600 | 680 | 3.1% | 535 | 993 | 368 | S100YQZ2 |
| FY ending Apr 2026 | 22,104 | 554 | 2.5% | 680 | -97 | -1,350 | S100YQZ2 |

## People and productivity（FY ending Apr 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.2M |
| Operating income per employee (consolidated) | ¥581.4K |
| Net income per employee (consolidated) | ¥713.8K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 895 | 910 | 914 | 942 | 953 |
| Average salary (parent company) | ¥4.9M | ¥4.8M | ¥5.1M | ¥5.2M | ¥5.1M |
| Average age (parent company) | 42.3 years | 41.8 years | 41.8 years | 42.0 years | 40.8 years |
| Average tenure (parent company) | 13.7 years | 12.8 years | 13.3 years | 13.3 years | 13.0 years |

Year over year: Employees (consolidated) +1.2% · Revenue (consolidated) +2.3%

## Segments（FY ending Apr 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Fishery related | 17,786 | 80.5% | 312 | 1.8% |
| On-land related | 4,316 | 19.5% | 242 | 5.6% |
| Other | 2 | 0.0% | -0 | -12.3% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Fishery related | 80.5% | 56.3% | -24.2 | 1.8% |
| On-land related | 19.5% | 43.7% | 24.2 | 5.6% |
| Other | 0.0% | — | — | -12.3% |

Loss-making segment (excluded from profit shares): Other -0 JPY mn

Segment → industry: On-land related → Textiles & Fibers / Fishery related → Textiles & Fibers

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Apr 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -97 | -0.4% | S100YQZ2 |
| Capital expenditure | 1,253 | 5.7% | S100YQZ2 |
| Free cash flow | -1,350 | -6.1% | 算出 |
| Investing cash flow | -1,239 | -5.6% | S100YQZ2 |
| Financing cash flow | 1,174 | 5.3% | S100YQZ2 |
| Dividends paid | 129 | 0.6% | S100YQZ2 |
| Change in cash | -101 | -0.5% | S100YQZ2 |
| Cash and equivalents | 1,032 | 4.7% | S100YQZ2 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 810 | 809 | 1,035 | 1,133 | 1,032 | S100U3M8, S100WC9Z, S100YQZ2 |
| Total assets | 27,573 | 28,223 | 29,523 | 30,096 | 31,941 | S100RG7I, S100U3M8, S100WC9Z, S100YQZ2 |
| Net assets | 6,348 | 6,462 | 6,945 | 7,456 | 8,253 | S100U3M8, S100WC9Z, S100YQZ2 |
| Share capital | 1,379 | 1,379 | 1,379 | 1,379 | 1,379 | S100RG7I, S100U3M8, S100WC9Z, S100YQZ2 |
| Property, plant and equipment | 11,166 | 11,543 | 11,558 | 11,368 | 11,876 | S100RG7I, S100U3M8, S100WC9Z, S100YQZ2 |
| Intangible assets excluding goodwill | 175 | 189 | 168 | 165 | 123 | S100RG7I, S100U3M8, S100WC9Z, S100YQZ2 |
| Goodwill | 123 | 104 | 85 | 68 | 51 | S100RG7I, S100U3M8, S100WC9Z, S100YQZ2 |
| Investment securities | 282 | 303 | 431 | 469 | 750 | S100RG7I, S100U3M8, S100WC9Z, S100YQZ2 |
| Current assets | 15,042 | 15,103 | 16,380 | 17,292 | 18,332 | S100RG7I, S100U3M8, S100WC9Z, S100YQZ2 |
| Current liabilities | 13,060 | 13,141 | 14,651 | 15,360 | 16,580 | S100RG7I, S100U3M8, S100WC9Z, S100YQZ2 |
| Trade payables | 2,532 | 2,014 | 2,041 | 2,169 | 1,427 | S100RG7I, S100U3M8, S100WC9Z, S100YQZ2 |
| Short-term borrowings | 7,541 | 7,705 | 9,477 | 9,983 | 11,564 | S100RG7I, S100U3M8, S100WC9Z, S100YQZ2 |
| Long-term borrowings | 7,188 | 7,595 | 6,977 | 6,323 | 6,014 | S100RG7I, S100U3M8, S100WC9Z, S100YQZ2 |
| Total liabilities | 21,226 | 21,761 | 22,578 | 22,640 | 23,688 | S100RG7I, S100U3M8, S100WC9Z, S100YQZ2 |
| Non-controlling interests | 157 | 167 | 171 | 163 | 166 | S100RG7I, S100U3M8, S100WC9Z, S100YQZ2 |
| Equity attributable to owners of parent | 6,464 | 6,385 | 6,802 | 7,207 | 7,757 | S100RG7I, S100U3M8, S100WC9Z, S100YQZ2 |
| Retained earnings | 4,592 | 4,513 | 4,931 | 5,336 | 5,886 | S100RG7I, S100U3M8, S100WC9Z, S100YQZ2 |
| Treasury stock | -18 | -18 | -18 | -18 | -18 | S100RG7I, S100U3M8, S100WC9Z, S100YQZ2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YQZ2 |
| Property, plant and equipment | 37% | S100YQZ2 |
| Intangibles and goodwill | 1% | S100YQZ2 |
| Investment securities | 2% | S100YQZ2 |
| Other assets | 57% | S100YQZ2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YQZ2 |
| Other liabilities | 70% | S100YQZ2 |
| Equity | 26% | S100YQZ2 |
| Other liabilities | 0% | S100YQZ2 |

### Balance sheet history

| Metric | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 27,573 | 28,223 | 29,523 | 30,096 | 31,941 |
| Equity | 6,348 | 6,462 | 6,945 | 7,456 | 8,253 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 810 | 809 | 1,035 | 1,133 | 1,032 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 53.7% | S100YQZ2 |
| Fixed assets ÷ total assets | 37.2% | S100YQZ2 |
| Goodwill ÷ parent equity | 0.7% | S100YQZ2 |

Goodwill over 4 years: 123 → 51 JPY; total investing cash flow: -8,259 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 3.2% |
| Cash ÷ revenue | 4.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -17.5% |
| Cash vs. profit gap | -777 JPY mn (of net income -114.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 18.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.7% |
| Investing CF relative to operating CF | — |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 1.0% | 0.67× | 0.7% | 4.27× | 2.9% | S100RG7I |
| 2023 | 0.3% | 0.69× | 0.2% | 4.34× | 0.8% | S100U3M8 |
| 2024 | 2.6% | 0.72× | 1.9% | 4.38× | 8.3% | S100WC9Z |
| 2025 | 2.5% | 0.72× | 1.8% | 4.26× | 7.6% | S100YQZ2 |
| 2026 | 3.1% | 0.71× | 2.2% | 4.15× | 9.1% | S100YQZ2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社土屋 | Major shareholder | 8.8% | 2026-04-30 |
| 日東製網取引先持株会 | Major shareholder | 7.9% | 2026-04-30 |
| 日東製網従業員持株会 | Major shareholder | 6.5% | 2026-04-30 |
| 小林 宏明 | Major shareholder | 4.3% | 2026-04-30 |
| 株式会社広島銀行 | Major shareholder | 2.1% | 2026-04-30 |
| 広保 雅史 | Major shareholder | 1.5% | 2026-04-30 |
| 丹生 忠和 | Major shareholder | 1.3% | 2026-04-30 |
| 東レ株式会社 | Major shareholder | 1.2% | 2026-04-30 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.2% | 2026-04-30 |
| 株式会社菊谷茂吉商店 | Major shareholder | 1.2% | 2026-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第125期(2025/05/01－2026/04/30) | S100YQZ2 | 2026-07-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YQZ2,, |
| 有価証券報告書－第124期(2024/05/01－2025/04/30) | S100WC9Z | 2025-07-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WC9Z,, |
| 有価証券報告書－第123期(2023/05/01－2024/04/30) | S100U3M8 | 2024-07-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U3M8,, |
| 有価証券報告書－第122期(2022/05/01－2023/04/30) | S100RG7I | 2023-07-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RG7I,, |
| 有価証券報告書－第121期(令和3年5月1日－令和4年4月30日) | S100ORLM | 2022-07-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ORLM,, |
| 有価証券報告書－第120期(令和2年5月1日－令和3年4月30日) | S100M1PE | 2021-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M1PE,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).